"Close Your Eyes" And "Buy Some Land"
This story from the Hamptons deserves to be posted if just to document the quotes. George Simpson of Suffolk Research Service said, "Just close your eyes, buy some vacant land anywhere out here, and you can make an almost unbelievable profit.You can't make one-tenth of this kind of return on investment with any other speculation.'"
"Chris Chapin of Prudential in East Hampton, agreed that buyers’ thirst for land appears to be unslakeable. 'When you have people who don’t care what they have to pay for a parcel of land, they just want it, that affects prices."
Realtor Joe Kazickas had this to say. "What percentage of property owners do you know who can afford to buy the houses they live in now? I would guess the answer is about 30%. What’s going to happen in 20 years when the baby boom generation starts dying off? What happens when we are on the backside of that bubble? No one knows. But there won’t be the buyer base then that there is now."